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All Journal Journal Integration of Social Studies and Business Development Journal Integration of Management Studies
Ngugi, Karanja
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Humanities Decision Sciences, Operations Research & Management Social Sciences

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Performance of Insurance Brokerage Firms: The Role of Insurance Process Innovation as an Entrepreneurial Innovation Mira, Gerald Kariithi; Ngugi, Karanja; Nyang’au, Samson
Journal Integration of Social Studies and Business Development Vol. 2 No. 2 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jissbd.v2i2.263

Abstract

This study investigates the impact of process innovation as a form of entrepreneurial innovation on the performance of insurance brokerage firms in Kenya. The research is set against the backdrop of persistent underperformance in the sector despite the critical role these firms play in promoting insurance penetration. The inability to enhance process efficiency has been identified as a key factor contributing to their poor performance. Grounded in the diffusion of innovation theory, the study employed a cross-sectional descriptive research design, surveying all 216 insurance brokerage firms in Kenya through a census approach. Data was collected via questionnaires and analyzed using both quantitative (descriptive and inferential statistics) and qualitative (content analysis) methods, with SPSS software used for the quantitative analysis. The findings indicate that process innovation has a significant and positive influence on the performance of these firms. The study concludes that many insurance brokerage firms fail to fully embrace process innovation, resulting in inefficiencies that hinder their operational performance and long-term success.
Insurance Product Innovation as an Entrepreneurial Innovation and Its Role In The Performance of Insurance Brokerage Firms in Kenya Mira, Gerald Kariithi; Ngugi, Karanja; Nyang’au, Samson
Journal Integration of Management Studies Vol. 2 No. 2 (2024)
Publisher : Integrasi Sains Media

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58229/jims.v2i2.257

Abstract

This study examines the influence of insurance product innovation on the performance of insurance brokerage firms in Kenya, anchored in the Schumpeterian innovation theory. The research employs a descriptive design, targeting a population of 216 insurance brokerage firms, with managers acting as the primary respondents. A census approach is adopted to ensure comprehensive data collection, surveying all firms within the population. Data collection uses a structured questionnaire administered through a drop-and-pick method to enhance response rates. The study's analysis incorporates both quantitative and qualitative methodologies. Quantitative data analysis is performed using SPSS software, which facilitates the execution of descriptive statistics, such as percentages, frequencies, means, standard deviations, and Z-scores. Additionally, inferential statistics are employed to explore the relationships between variables, utilizing tools like ANOVA, R-squared (R²), regression coefficients, and P-values to test the hypotheses. In parallel, qualitative data derived from open-ended questions are analyzed using content analysis, enabling the identification of key themes and patterns. The combined use of these analytical approaches is expected to yield a comprehensive understanding of how product innovation impacts the performance of insurance brokerage firms in Kenya. The findings are anticipated to offer valuable insights for academics and practitioners, particularly in understanding the role of innovation in enhancing the competitive advantage and overall performance of firms within the insurance brokerage industry.
Co-Authors Mira, Gerald Kariithi Nyang’au, Samson